WebApr 22, 2024 · The notification prescribes the following four additional conditions for furnishing return of income in respect of persons referred to in clause (b) of sub-section … WebFeb 16, 2024 · As per the seventh proviso to section 139(1) of income tax act a person who is otherwise not required to furnish the ITR is mandated to file the return even if any one of the following conditions are met: Deposited amount or aggregate of the amount exceeding INR 1 crore in the current account (one or more) in the previous year.

What is the Seventh Proviso to Section 139(1) - MyOnlineCA

WebJun 3, 2024 · Part A – Return to be furnished under the seventh proviso to Section 139(1)- High spenders. Where the taxpayer is not required to file a tax return under section 139(1) but filing return of income due to fulfilling one or more conditions mentioned in the seventh proviso to section 139(1), he /she is required to furnish actual amount in respect of WebThis criterion was added as the seventh proviso of Section 139(1) of the Income Tax Act. This went into effect on April 1, 2024. Under this proviso, certain classes of individuals or … churches in mt carmel illinois

Mandatory tax return filing despite Income below taxable limit

WebApr 23, 2024 · It may be noted that earlier the seventh proviso to IT Section 139 was inserted vide Finance Act, 2024, which has laid down certain criteria for mandatory filing … WebApr 12, 2024 · A person covered by section 44AB should get his accounts audited and should obtain the audit report on or before 30th September of the relevant assessment year, e.g., a Tax audit report for the ... WebWATCH THIS VIDEO TO KNOW:Latest Amendment in ITR form 2024-21How to apply Seventh Proviso to sec 139(1)Section 139 Returns of Incomewhat is seventh proviso t... development journey of pakistan